Small and Medium Enterprises (SMEs) play a significant role in Kenya’s economy. Below is a list of the best banks for SMEs based on their offerings, support, and recognition through awards like the Think Business Awards and Euromoney Awards.
1. Equity Bank
- Recognition: Named Africa’s Best Bank for SMEs in the 2021 Euromoney Awards.
- Support: Prioritizes financing SMEs in agriculture, manufacturing, household, value chain banking, and the health sector.
2. Absa Bank
- Recognition: Recognized at the 2021 Think Business Awards as one of the top SME banks.
- Offerings: Provides trendsetting solutions for SMEs, including business accounts and affordable loan solutions tailored to help businesses grow.
3. Diamond Trust Bank (DTB)
- Recognition: Ranked among the top three SME banks in the 2021 Think Business Awards.
- Support: Known as “The SME Bank,” DTB offers affordable loans and business accounts specifically designed for small and medium-sized enterprises.
4. Co-operative Bank
- Focus: Supports MSMEs by addressing their financial needs and growth challenges.
- Offerings: Provides SME loan products and customized business accounts that cater to specific business needs.
5. Family Bank
- Support: Focuses on helping SMEs meet their financial needs through business banking services.
- Products: Includes SME-specific loans such as Jenga Bizna and Biashara Boost, designed for micro-businesses seeking to expand profitably.
6. Stanbic Bank
- Reputation: Known for its reliable support for Kenyan businesses across various sectors.
- Products: Offers solutions like business current accounts, SME Bizna loans, and business overdrafts tailored to the needs of small businesses.
7. Credit Bank
- Recognition: Awarded Best Digital Bank and Most Innovative SME Bank in Kenya in the 2021 International Business Magazine Awards.
- Special Program: ElevateHer Program offers loans to women-owned enterprises ranging from Ksh 75,000 to Ksh 3 million under categories like Her Trade Up Loan, Her Business Loan, and Her Trade Loan, with preferential rates and flexible repayment terms.
Banks with the Lowest Tariffs for SMEs (Think Business Banking Awards)
- Guardian Bank
- Paramount Bank
- Consolidated Bank of Kenya
Best Bank in SME Banking (Think Business Banking Awards)
- Diamond Trust Bank
- Equity Bank Kenya
- Absa Bank Kenya
These banks provide essential support and tailored financial products to help SMEs thrive in Kenya’s competitive economic landscape.